Jim Cramer is considering investing in BlackRock, the largest asset manager in the world, and has added it to the Bullpen stocks-to-watch list. BlackRock’s shares hit a record high after releasing third-quarter earnings that exceeded expectations. The firm’s assets under management reached a record $11.5 trillion, with CEO Larry Fink noting that they added $2 trillion organically in the last five years.
Fink also highlighted BlackRock’s recent acquisition of Global Infrastructure Partners for $12.5 billion, gaining over $100 billion in assets. The financial sector reports strong quarterly earnings, including Wells Fargo and Morgan Stanley, which is set to report next Wednesday.
Despite the challenges from prolonged high interest rates, BlackRock’s impressive results support considering an investment. Its shares rose over 12% in the past month, significantly outperforming the S&P 500’s 4% gain. Cramer believes the stock still has potential for growth.
Why the delay in investing? Cramer mentioned he has been focusing on other stocks like Wells Fargo and Morgan Stanley, and he prefers not to rush into decisions.
As a subscriber to Jim Cramer’s Investing Club, you’ll receive trade alerts before he acts on his charitable trust’s stock portfolio, with a waiting period in place. For full details, see the club’s terms and conditions.
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